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What is homeowners insurance?
Homeowners insurance financially protects you if something bad happens to your home. It also covers your personal belongings, the cost of hotel stays if your home is too damaged to reside in, and legal expenses if you’re sued because of an accident.
Although homeowners insurance isn’t required by law like auto insurance is, most mortgage lenders will require that you keep the home insured throughout the duration of your mortgage term.
Home insurance basics
Choose
Decide how much coverage you’ll need to protect your belongings and your liability.
Pay
Once you’ve got your policy and all available discounts, you’ll pay your premium monthly or annually.
Claim
If your home or belongings are damaged by an event outlined in your policy, the insurance company will pay out to fix or replace them.
What does homeowners insurance cover?
Homeowners insurance protects your home from the perils detailed in your policy, which typically include fire, wind, hail, theft, vandalism, and water damage from burst pipes.
Homeowners insurance coverage is broken into several types that serve a specific purpose and have their own coverage limits.
Common types of homeowners insurance coverage include:
Dwelling
Protects against damage to your home itself, like the structure or roof. This should be equal to the rebuild cost of your home.
Other structures
Protects against damage to detached structures like your garage, pool, fence, or mailbox.
Personal property
Reimburses you if your personal belongings (furniture, electronics, kitchenware, etc) are damaged or stolen.
Additional living expenses
Covers costs like temporary lodging and eating out if your home becomes unlivable.
Personal liability
Reimburses you if you’re sued for accidental injury or property damage to others (think dog bites).
Medical payments
Covers the costs of minor injuries if someone who isn’t a resident of your home is injured on your property.
The Policygenius Difference
Homeowners insurance done right
Compare insurers.
Our experts will find your best rates from top companies.
Get expert advice.
Find out what you need — and what you don’t.
Re-shop annually.
We’ll check every year to make sure you’re getting the best rate.
How much does homeowners insurance cost?
Protecting your home isn't expensive
According to a 2019 report released by National Association of Insurance Commissioners (NAIC), the average homeowners insurance premium was $1,192 annually (around $100 a month).
Your cost will depend on different factors, but the coverage amount is a good place to start. Here’s the average annual premium for different levels of dwelling coverage.
| Coverage amount | Annual premium | Per-month average premium |
|---|---|---|
| $100,000 to $200,000 | $933 / year | $77.50 / month |
| $200,000 to $300,000 | $1,081 / year | $90.08 / month |
| $300,000 to $400,000 | $1,242 / year | $103.50 / month |
| $400,000 to $500,000 | $1,466 / year | $122.17 / month |
| $500,000 and over | $2,164 / year | $180.33 / month |
The following factors will determine
the cost of your homeowners insurance policy:
Your home
How long your home’s been around, where it’s located, and which materials it's made from will affect how much you'll pay to insure it.
Your coverage
Rates are directly tied to the amount of protection in your policy. The higher and more robust your coverage, the higher your insurance premiums will be.
Your credit score
Homeowners with poor credit are statistically more likely to file insurance claims, so it is a red flag for insurance companies.
Your claims history
If you’ve filed multiple insurance claims in the past, and/or your home has a history of structural damage and loss, your insurance premiums will probably be higher.
We're independent.
So you can count on us.
Policygenius is a licensed insurance marketplace staffed by salaried agents. While we do earn a commission from insurance companies for policies we sell, no company pays us for preferential treatment, and we never tack on additional fees. That means you can trust that our advice is based only on your best interests.
How to save on homeowners insurance
Don’t overpay for home insurance
Check with your insurance company to see what you can do to trim your current insurance premium. One way is to simply raise your deductible
But many insurance companies offer a plethora of additional discounts, including:
Multi-policy discount - Bundle two or more insurance policies, like home and auto, with the same company to save as much as 20% on coverage.
Protective devices discount - If your home has deadbolts, storm-resistant roofing, and centralized fire and burglar alarms, you’ll be eligible for a protective devices discount.
Claim-free discount - Many insurers will trim your insurance rates if you haven’t filed a claim in the last 3 to 5 years.
Loyalty discount - Expect a hefty policy discount if you’ve been insured with the same company for 5 years or longer.
First-time homebuyer discount - Most insurance companies will offer discounts if you’re insuring a new home or if you recently purchased a home.
How to buy homeowners insurance
Shop in just six steps
Whether you’re insuring your first home or you're a current homeowner re-shopping for lower rates, buying home insurance is simple.
In fact, you can do it in just six steps. Here’s how it works:
Collect your info
1
You'll need to provide details about your home and living situation in order to get quotes. Re-shopping your policy? Have your current declarations page handy to make the process smoother.
Choose a coverage amount
2
You should have enough coverage to fully replace your home (known as the replacement cost). You may also need flood or earthquake coverage. We'll recommend an amount when you apply.
Fill out an application
3
Apply online in under five minutes. We'll send personalized side-by-side policy options directly to your inbox.
Choose a policy
4
A Policygenius expert will help you compare policies and discounts across companies to find the right coverage amount for the right price. We'll handle the paperwork for you - for free.
Welcome the inspector
5
Your insurance company will typically send someone to perform a home inspection to make sure everything is in order.
Sign your policy
6
Once all the boxes are checked, you'll sign on that dotted line, pay your first premium, and relish the comfort of knowing that you and your stuff are covered.
Already have home insurance?
Don't overpay! Policygenius’ licensed experts can help you compare your existing policy for free.
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Homeowners insurance company reviews
Don't stress over home insurance
There's a lot that goes into choosing an insurance company, from coverage options to discounts to online tools. The key is finding one that best fits your situation.
So which insurance company will offer you the most affordable option for the coverage you need? We’ve done the heavy lifting and reviewed the best homeowners insurance companies in America:
Allstate
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Amica
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Chubb
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Farmers
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Foremost
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Hippo
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Progressive
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State Farm
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